The NZDUSD opens at 0.7315 (mid-rate) this morning.
The NZDUSD has bounced back above 0.7300 after last night’s US data releases failed to meet market expectations and overall commodity strength.
US Construction spending rose 0.4%(expected +0.6%) in December after falling 0.2% in November, while the ISM Manufacturing PMI printed 53.5 again below market expectations of 54.9.
At 16:30 we have the release of the RBA Cash Rate announcement with a cut of 17 bps currently priced in.
Global equity markets have started the week mixed - Dow -0.15%, Nikkei -0.66%, Shanghai -2.56%, FTSE +0.49% DAX +1.25%, CAC +0.41%.
Gold prices are down $6.00 to $1,277, Oil prices gained $2.50 currently trading at $49.31 a barrel.
The current indicative mid-rates are:
NZDUSD 0.7315
NZDEUR 0.6442
NZDGBP 0.4859
NZDJPY 85.61
NZDAUD 0.9336
NZDCAD 0.9201
Domestic data releases today:
13:00 - ANZ Commodity Prices m/m
16:30 – RBA Cash Rate and Statement
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Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
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